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New San Diego Area Real Estate Listing – 7479 Tweed St, Lemon Grove!

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New San Diego Area Real Estate Listing Tom’s new San Diego area real estate listing is located in family friendly Lemon Grove at 7479 Tweed St. This charming home is located on one of the best tree-lined and quiet streets in Lemon Grove, a community very highly regarded for it’s unsurpassed “Leave it to Beaver” neighborhood atmosphere, close to parks and convenient to shopping, restaurants, all freeways, schools, etc. This 3 BRM classic is pristine & immaculate in every way with a super floor plan, abundance of gorgeous hardwood floors under carpet, a “beyond compare” private backyard, deck, covered patio, an abundance of storage and natural light, and much more. By the way, the backyard is just screaming for further explanation, but first, have a look at the virtual tour (link below)! To fully appreciate this listing, you just have to see what this owner has accomplished. It is exquisite and … Continue reading

Posted By: Tom Mattix 3:42 PM Monday, January 25, 2016

Interest Rates on the Rise

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Interest rates on the rise! It’s official – the Fed finally raised rates!!! The Federal Reserve made the long-awaited, much-anticipated announcement yesterday afternoon that the federal funds target rate will increase by 25 basis points from its near-zero level where it has been since 2006. The announcement came as the Fed wrapped its 8th and final Federal Open Market Committee (FOMC) meeting of 2015. For many in real estate, raising the cost of borrowing seems ill-timed and for homebuyers, this action will raise mortgage rates and also buyer activity. However, the most important questions now are: how many such increases are we likely to see in the short term and where will mortgage rates end up a year from now? The majority opinion is that we will see a gradual pace of increases with the expectation of three more hikes in the Fed funds target during the next 12 months which would likely send … Continue reading

Posted By: Tom Mattix 9:34 AM Thursday, December 17, 2015

The Latest Home Price Expectation Survey and What It Means for Pacific Beach & San Diego Real Estate

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The latest Zillow Home Price Expectations Survey was just recently released and I thought that I would share the results as they pertain to San Diego Real Estate. The survey of 100+ economists, real estate experts and investment and market strategists asked panelists to predict the path of home values across the nation through 2020. The 106 panelists predicted home mean values to grow, on a national basis:     9% for all of 2015 An additional increase of: 2016: 3.5% 2017: 3.4% 2018: 3.5% 2019: 3.6% 2020: 3.5%   The above estimates equate to a cumulative mean price appreciation expectation across the nation of 21.6% through the end of CY-2020.  Again, it must be stressed that these estimates are for the U.S. at large and every region and community will appreciate at different rates over different time periods. Historically, the San Diego region has been a “bellweather” for the rest of … Continue reading

Posted By: Tom Mattix 4:28 PM Tuesday, December 15, 2015

Hottest (and not so hot) 2016 Markets for Millennials

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Hottest (and not so hot) 2016 Markets for Millennials Would you like to guess which are the top real estate markets for millennials (ages 25 to 34)? If so, then read on. This group, numbering 43.5 million people, make up 13.6% of the U.S. population and fully 30% of the current population of existing-home buyers. Because this is such a large segment of our homebuying population, Realtor.com just completed a study to determine where the hottest markets will be for this coming year. Below are both the top 10 markets likely to see a significant surge of millennial buyers and also the 5 locales where millenials are likely to leave this coming year. The ranking takes into consideration 2016 sales and price projections, the representation of millennial users among viewers of “for sale” listing pages on realtor.com, and the share of head of households aged 25 to 34, relative … Continue reading

Posted By: Tom Mattix 4:42 PM Thursday, December 10, 2015

San Diego Real Estate Update: A 3 Bedroom Gem 2 Blocks from the Water in Ocean Beach!

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San Diego real estate update: nine years ago, I received a call from Andy & Maria who lived in the Bay Area and whose daughter was about to enter USD. They wanted to investigate the purchase of a condo where the daughter could reside while attending the University. Like most young adults, the location just had to be Pacific/Mission Beach. The investment turned out to be a good one and they continue to be beach owners. Recently, Andy and Maria called to let me know that they were interested in a purchase of a detached home near the ocean where they could vacation themselves and also be a potential landing spot for retirement. Following their call, I set them up on an MLS “auto-search” and within a few short days Andy notified me that he had noticed a home in Ocean Beach which looked like it might “fit the … Continue reading

Posted By: Tom Mattix 2:49 PM Monday, December 7, 2015

Federal rate hike in December?

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Will there be a Federal rate hike in December? I’ve been discussing the possibility of a federal funds rate hike for months now and I believe that time is very near. For all of you considering the purchase of a home or refinancing your existing mortgage, consider this to be your “shot across the bow” or “fair warning.” The Federal Open Market Committee (FOMC) members made a conscious decision in October to prepare markets for a potential December rate hike so long as economic data justifies the increase in borrowing costs. So, why is this important to home loan borrowers? While the “Fed” does not have the ability to directly set mortgage rates (lenders do that), it does create the monetary policies which indirectly affect these rates. When the Federal Reserve makes it more expensive for banks to borrow by targeting a higher federal funds rate, banks and … Continue reading

Posted By: Tom Mattix 1:44 PM Wednesday, November 18, 2015

San Diego Real Estate Update: Another Pacific Beach Property SOLD!

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San Diego real estate update: six weeks ago, I received a call from a lady who lives in NYC who had found me via my website. This is unusual as 90+% of the folks who ask for my help are via referral! Yet, Anne wanted my help in finding a condo where she and her spouse, Dennis, could reap some nice income from vacation/weekly renting along the beach while at the same time, achieving some equity in a home to which they could some day retire. Just up my alley! Well, the following week, Anne and Dennis arrived and the 3rd unit I showed them was located at the See the Sea complex which is oceanfront, at the south end of Crystal Pier in Pacific Beach. See the Sea is a 76 unit building and well reputed and popular with vacation renters for several reasons: it is located … Continue reading

Posted By: Tom Mattix 4:08 PM Monday, November 16, 2015

San Diego Real Estate Update: Charming La Mesa Detached SOLD!

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San Diego Real Estate Update: Charming La Mesa Detached SOLD! Just a short story about loyalty & friendship. A little over 12 years ago, I had the very fortunate experience of helping Mike & Jane sell their home in La Mesa. Since then, Mike and Jane have been kind enough to call upon me to help them with all of their real estate transactions, and would you believe it, I just helped them complete #6! The 6th one was a super charming investment/rental property @ 7468 Ohio Place in La Mesa, which after the last tenant vacated, Mike & Jane executed an extensive renovation. Picture, if you can, a “Father Knows Best” or “Leave it to Beaver” neighborhood… maybe not so easy for those of you under 50 years! Anyway, a really good family neighborhood!  This 3 BRM 1946 vintage classic has an open floor plan, abundance of … Continue reading

Posted By: Tom Mattix 2:56 PM Friday, October 30, 2015

Breaking News – Fed Decides To Leave Rates Unchanged!

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Breaking News – Fed Decides To Leave Rates Unchanged! Today, the Federal Reserve decided, in a highly anticipated vote, to keep interest rates at their current near-zero level, delaying for at least another six weeks a vigorously-debated decision on raising borrowing costs for the first time in nearly a decade. The policy-setting Federal Open Market Committee (FOMC), citing a weak month of job creation in September, said it “remains appropriate” to keep the short-term federal funds rate at 0%-0.25%, where it’s been since December 2008. The statement noted that the Fed members still hope to raise rates in 2015 and that means at the last meeting of the calendar year – Dec 15-16. Reasons for the delay today? Well,  overseas economies have shown weakness; a handful of domestic indicators have also softened, notably the September jobs report which revealed a paltry 142,000 new jobs were created last month; the … Continue reading

Posted By: Tom Mattix 2:52 PM Wednesday, October 28, 2015

Question: Rent vs Buy in San Diego?

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Question: Rent vs Buy in San Diego? Trulia just released a study which found that in spite of rising sale prices, purchasing a home in the San Diego area can be a better financial decision vs renting. The study focus was based upon the perspective of whether a millennial (ages 25 to 35 years old) would be better served by purchasing or renting using the following entering criteria: The study used the latest San Diego average home rental of $2,325 and median home sales price of $488,959 Buyers have a 3.87% interest rate on a 30-year fixed-rate loan Put down 10% on their loan Itemize federal tax deductions Be in a 25% income tax bracket Factored into the calculations were home costs outside of a buyer’s mortgage such as maintenance, property taxes, upfront costs and insurance. After all the number crunching, the study concluded: The best places to … Continue reading

Posted By: Tom Mattix 3:13 PM Thursday, October 22, 2015